Kazakhstanis save record amount in deposits

According to the analysts, the volume of deposits grew by 2.5 percent over the month and by as much as 18 percent compared to last year.

Household deposits are becoming the main source of funding for the banking system.

At the same time, out of the 23 banks operating in Kazakhstan, the lion’s share of savings — nearly 96 percent — is concentrated in the top 10 financial institutions.

Data from ranking.kz

The share of deposits held by ordinary citizens in the total volume of deposits has now approached 60 percent. Ten years ago, this figure stood at 43.5 percent.

Data from ranking.kz

Overall, across the country, 17 out of 23 banks recorded growth in deposit volume over the past month.

Earlier, we reported that banks in Kazakhstan had begun revising deposit rates. According to the Kazakhstan Deposit Insurance Fund, in June, 10 Kazakhstani banks lowered the interest rates on their deposit products at once.